Tractor Pulls Estate Tax Bill to Clinton's Door

The estate tax repeal bill was delivered to President Clinton Thursday for what is expected to be a certain veto. Congressional leaders have promised to attempt a veto override on this extremely popular bill.

The bill would entirely repeal the federal estate tax over a 10-year period. Opponents of the bill claim it favors the wealth, while supporters claim it will save untold numbers of family businesses, particularly farms, which often end up being sold to pay exorbitant estate taxes.

Clinton has until Labor Day to make a decision about the fate of the bill. If the bill is vetoed, Congress will attempt to override the veto. When the bill originally passed, there was enough support in Congress to provide the required two-thirds majority vote. Since that time, however, the margin has slimmed as some House Democrats have indicated they may change their votes in support of the President.

Voice of the Editor

Even though any accounting auditor would tell you it seems like there are an awful lot of tax accountants out there, surely one-third of the country isn't made up of tax preparers, so it's rather startling news to learn that one-third of Americans like to do their taxes. Who knew?
ADVERTISEMENT

This Week on AccountingWEB

Bill Walter of Gross, Mendelsohn & Associates and Harold Gaar of TravisWolff LLP weigh in on mobile technology use while employees are at work.
WestArk RSVP and Fayette County Community Action Agency – organizations that received grant funding through the IRS Tax Counseling for the Elderly (TCE) program – spoke with AccountingWEB about how they assist senior citizens in their communities.
CPA Robert Raiola, who heads the Sports & Entertainment Group of Fazio, Mannuzza, Roche, Tankel, LaPilusa, LLC, talks NFL player income taxes with AccountingWEB.
Retiring KPMG Centennial Professor of Accounting at the University of Texas at Austin McCombs School of Business Robert May, PhD talks with AccountingWEB about his rewarding forty-three-year career.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT